Texas Promulgated Forms Exam Questions with Latest Update

unilateral contract involves - Answer promise in exchange for an act. Executory contract - Answer1) an enforceable contract that is in the process of being fulfilled; 2) in Texas, a contract-for-deed, lease-purchase, or lease-option; 3) a contract involving the sale of a residence that will take place more than 180 days after the execution of the contract. A fully executed contract is one in which all parties have fulfilled all promises made in the agreement; closing and funding occur. When the seller has delivered the deed, received the proceeds, and granted possession to the purchaser, a fully executed contract exists. An independent contractor agreement is a - Answer bilateral agreement; it defines the working relationship between sales associate and sponsoring broker. An amendment is completed - Answer after a contract has been executed, but addenda are completed at the same time as the sales contract. Once a contract form has been signed and agreed upon, the proper way to make changes is with the promulgated amendment form. Addenda contain additional information that is part of the original contract/agreement. The statute of limitations on a contract for the sale of real estate is - Answer4 years The statute of frauds requires agreements affecting - Answer title to or interest in real estate in Texas to be in writing to be enforceable. Contracts may be discharged (completed) by the following - Answer Performance, which completes the contract terms Partial performance, if agreeable to both parties Substantial performance, depending on circumstances Impossibility of performance (required acts cannot be legally accomplished) Assignment (transfer of rights to assignee or delegation of duties)